CFAS Quiz #1

• a process that aims to generate the general-purpose FS that provide information about economic entities

  accounting process
• it communicates the set of financial statements to an entity's stakeholders

  financial reporting
• users that already have ready access to a specific type of fs

  internal user
• branch of accounting that meets the needs of the internal user

  management accounting
• users that do not have ready access to fs

  external users
• branch of accounting that meets the needs of the external users

  financial accounting
• these are users that have direct interest to the company and uses the fs to protect their interests

  direct users
• these are the users that protects the direct users

  indirect users
• [true or false] monetary unit is the measure used in communicating accounting information

  true
• a concept that separates the enterprise's personality from the owners

  entity concept
• [true or false] a reporting entity can control economic resources and cannot incur economic obligation

  false
• broadest branch of accounting focusing on the needs of the external users

  financial accounting
• financial accounting conform to what standard?

  ifrs
• branch of accounting that serves the information needs of internal users

  management accounting
• [true or false] management accounting does not conform to a standard

  true
• branch of accounting that measures and recognize the cost of services provided or products manufactured

  cost accounting
• branch of accounting concerned with the computation of taxes and preparation of tax returns submitted to a taxing authority

  tax accounting
• branch of accounting that encompasses analyzing, classifying, summarizing, and communicating all transactions involving the receipt and disposition of government funds

  government accounting
• Standard of Government-owned and controlled operations

  pfrs
• standard for government business enterprises

  international public sector accounting standards
• standard for national government agencies

  government accounting manual
• standard for local government units

  local government accounting manual
• it refers to the recording phase of accounting

  bookkeeping
• it is an independent examination of the fs conducted by a cpa to render an opinion on the fairness of the fs

  auditing
• when was iasc formed?

  1973
• [true or false[ from 1973 to 2001, the iasc developed and promoted standards called international accounting standards

  true
• the iasc was reconstituted in 2001 as?

  iasb
• iasb is under?

  ifrs foundation
• it is a not-for-profit, public interest organization, established to develop a single set of high quality, understandable, enforceable, and globally accepted accounting standards called the ifrs

  ifrs foundation
• standards from iasc are called ias while standards from iasb are called ifrs [true or false]?

  true
• ifrs include the following:

  • specific internal financial reporting standards
  • iasb interpretations by ifric
  • ias
  • ias interpretations by sic
• in what year was the international sustainability standards board established?

  November 2021
• they formulate general sustainability-related disclosure standards and sector-specific sustainability standards

  issb
• what is the primary function of the ifrs foundation?

  to govern and oversee the activities of iasb and issb
• what are the sages pf the due process?

  • setting agenda
  • plan the project
  • discussion paper
  • exposure draft
  • publish the standard
  • issue the standard
• [true or false] the comment period for major projects is 120 days while ifric interpretation is 60 days or less

  true
• [true or false] the ifrs are principle-based rather than procedure-base

  true
• it is an organization created to interpret specific issues when the standards do not include specific authoritative guidance

  ifric
• ifric contains 14 members who are independent and does not represent any organization or association [true or false]


  true
• when was picpa established?

  1981